{"id":18475,"date":"2023-03-31T12:09:56","date_gmt":"2023-03-31T01:09:56","guid":{"rendered":"https:\/\/adviceco.com.au\/?p=18475"},"modified":"2023-05-04T09:07:48","modified_gmt":"2023-05-03T23:07:48","slug":"labor-to-introduce-30-tax-on-superannuation-balances-exceeding-3-million","status":"publish","type":"post","link":"https:\/\/adviceco.com.au\/labor-to-introduce-30-tax-on-superannuation-balances-exceeding-3-million\/","title":{"rendered":"Labor to introduce 30% tax on superannuation balances exceeding $3 million"},"content":{"rendered":"\n
The Australian Super system is designed to help Australians save money that they can access in retirement. Superannuation is an investment environment designed specifically to help you save for your retirement.<\/p>\n\n\n\n
By now you may have may have seen in the media that Labor have introduced a new bill into parliament.<\/p>\n\n\n\n
On 28 February 2023, the government announced from 1 July 2025 a 30% concessional tax rate will be applied to future earnings for superannuation balances above $3 million.<\/p>\n\n\n\n
This is not yet law.<\/p>\n\n\n\n
Individuals with balances over 3 million will be subject to an additional tax of 15 percent on the earnings on any balance that exceeds the $3 million threshold.<\/p>\n\n\n\n
This tax is in addition to any tax their superannuation funds pay on earnings in accumulation.<\/p>\n\n\n\n
The tax only applies to the proportion of earnings corresponding to balances above $3 million. This means that earnings corresponding to funds below $3 million will continue to be taxed at 15 per cent or less.<\/p>\n\n\n\n
A summary of the calculation is :<\/p>\n\n\n\n
Total superannuation balances in excess of $3 million will be tested for the first time on 30 June 2026, with the first notices of a tax liability expected to be issued to individuals in the 2026-27 financial year.<\/p>\n\n\n\n
Superannuation is still with tax on earnings in retirement\u2026<\/p>\n\n\n\n
Superannuation is complex, so having an adviser enables you to make the right decisions based on your circumstances. An advisor will help you to meet your investment goals and provide advice on making super contributions.<\/p>\n\n\n\n
The 3 main benefits of Super are:<\/p>\n\n\n\n
Please note this is yet to be passed as law and further information will be released.<\/p>\n","protected":false},"excerpt":{"rendered":"
The Australian Super system is designed to help Australians save money that they can access in retirement. Superannuation is an investment environment designed specifically to help you save for your retirement.<\/p>\n","protected":false},"author":1250,"featured_media":18476,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[38,32,42],"tags":[351,43],"yoast_head":"\n